From the lows of its trading range, Ethereum (ETH) has risen sharply, posting an astonishing 50% gain in just over a week.
Once more, resistance came in the $1,750–1,950 range. As of right now, ETH is worth $1,573.46. Ethereum (ETH), the second-largest crypto by market cap and the biggest altcoin by market cap, has soared from its range lows to record an astonishing 50% gain in just under a week.
Since late November, ETH’s longer-term trend has been negative. But since ETH’s price recently broke through, bulls have taken the lead. Two potential reloading locations are now indicated on the charts for purchasers. The most crucial detail to take note of on the daily chart is that the $1,750–1,950 range served as strong resistance. This zone served as both support and opposition throughout the months of July and March of last year. It was once again a resistance barrier for the price of ETH at the time of writing.
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Investors may also want to be aware that there has been a consistent downward trend in recent months, particularly in April. The price did establish a range in June, which ETH’s price has now broken out of. The RSI also crossed over the neutral 50 levels to demonstrate that bulls were in control. This is a pleasant shift for purchasers, who had been stuck in a downturn since April.
Both bulls and bears may find it difficult to negotiate the $1,750-$1,950 region. However, the most recent increase in the price of ETH would suggest that it will grow to the next objective of $1,800 in the upcoming weeks. At the time of writing, the price of ETH increased by 3.20 percent over the previous day to reach $1,573.46.